September Jobs Report: Unemployment Falls to 7.8 Pct

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Other sectors, such as durable goods and manufacturing, have been weak, however.

Friday's unemployment report showed employment in many sectors showed little change, including government, construction, retail trade and leisure and hospitality.

Meanwhile, a slowdown in Europe and China has hampered U.S. exports.

"When you put everything together, housing is a brighter spot, but other things don't suggest any new momentum going forward. Like many people, I'm expecting the market to remain in the state that it's been. We'll keep treading water."

Holzer said the growing strength in the housing market may lead to a stronger recovery of construction jobs, which along with manufacturing, have been hard hit by the recession.

"It's hard to tell how much of that is permanent or not," he said. "Virtually nothing is bounced back in construction. We won't know for a few more years how permanent or temporary those changes are."

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